Financial Results Q3 2026: Second Consecutive Quarter with High Orders Received - Bilfinger Confirms Outlook for 2026
- Market: sound demand for efficiency enhancement services in a volatile market environment
- Orders received €1,700 million: significant increase of +25% (+21% organically, PY: €1,360 million); book-to-bill ratio of 1.25
- Revenue €1,364 million: development of -1% (-5% organically, PY: €1,384 million)
- EBITA margin 4.6%: in line with updated outlook (PY: 5.8%)
- Net profit €43 million / earnings per share €1.16: in line with EBITA performance (PY: €55 million / €1.47)
- Free cash flow €76 million: solid improvement (PY: €71 million) with strong cash conversion rate of 121% (PY: 87%)
- Program Agile launched: faster response to market changes; annual earnings contribution of approximately €75 million starting in financial year 2028, with initial effects in 2027
- Updated outlook for 2026 confirmed: revenue €5.3 - €5.7 billion, EBITA margin 3.2 - 3.6% (adjusted: 4.6 - 5.0%), free cash flow €180 - €220 million; mid-term targets for 2030 confirmed
MANNHEIM, Germany, Nov. 11, 2026 /PRNewswire/ -- Industrial services provider Bilfinger continued its business development in the third quarter of 2026 in line with the full-year outlook updated in September. Against the backdrop of a persistently volatile market environment, the company significantly increased orders received over the prior-year quarter. At €1,700 million (PY: €1,360 million), Bilfinger recorded one of its highest order intake figures of the past ten years for the second consecutive quarter, largely driven by growth in the Energy industry. The figure includes a substantial order extension from an existing customer for over €300 million. As a result, the book-to-bill ratio also reached a high level of 1.25. Third-quarter revenue, at €1,364 million, was slightly below the prior-year figure (€1,384 million). This was due to customers significantly postponing investment decisions and call-off orders under framework agreements.
Gross profit came to €136 million (PY: €156 million). The selling, general and administrative expense ratio stood at 6.1 percent (PY: 5.8 percent). EBITA amounted to €63 million (PY: €81 million). At 4.6 percent (PY: 5.8 percent), the EBITA margin was in line with the updated outlook. Alongside the slight decline in revenue, this was due to continued underutilization, lower call-offs for complex, higher-priced services and an unfavorable product mix. Net profit came to €43 million (PY: €55 million) and earnings per share to €1.16 (PY: €1.47).
Free cash flow rose to €76 million (PY: €71 million), partly as a result of catch-up effects and cash inflows from contractual settlements with customers. The cash conversion rate increased to 121 percent (PY: 87 percent).
Program Agile for faster response to market changes
With Program Agile, introduced in mid-September, Bilfinger is responding decisively to the challenging market environment. Recent developments highlight the need for the organization to respond more quickly to changing market conditions. To this end, Bilfinger is prioritizing selected elements of its existing Group Strategy. These include capacity adjustments, resource pooling and the further development of a global Shared Services Organization. Implementation has already begun and is being closely coordinated with employee representatives.
"2026 is a challenging year for Bilfinger. However, the strong order intake for the second consecutive quarter underscores the demand for our services to enhance efficiency and sustainability in the process industry. Bilfinger confirms the updated outlook for 2026. With Program Agile, we will be able to respond to market changes more quickly and effectively going forward," said Thomas Schulz, Bilfinger Group CEO. "The months ahead will be highly demanding for our entire organization. My express thanks go to our employees for their dedication during this challenging phase."
Market environment: opportunities in energy and reconstruction
In the third quarter, the market environment was once again shaped by high volatility and marked regional variation. High energy prices in Europe in particular led customers to postpone investment decisions and defer call-offs under framework agreements. This has dampened revenue growth and, to a larger extent, the EBITA margin.
The geopolitical situation highlights the importance of resilience and, in turn, of the structural drivers of Bilfinger's business: There is strong demand for efficiency and sustainability improvements in new and existing facilities across the core industries of Energy, Oil & Gas as well as Pharma & Biopharma. Demand for Bilfinger's services is growing especially in the Energy industry. Revenue in this industry rose solidly in the third quarter compared with the same quarter last year. Tangible business opportunities are also materializing in the Middle East. The company is engaged in talks with customers to support the reconstruction of destroyed infrastructure and the recommissioning of production facilities.
New orders demonstrate Bilfinger's good market position
In the third quarter of 2026, Bilfinger again secured orders aimed at enhancing efficiency and sustainability for customers, including:
- Engineering, prefabrication and installation of a boiler with integrated instrumentation for more sustainable operations at Zeeland Refinery in the Netherlands
- Engineering, procurement and prefabrication of piping and installation services for critical reactor systems at EDF's Hinkley Point C nuclear power plant in the United Kingdom
- Prefabrication and installation of piping systems to optimize efficiency in a chemical plant in Poland
Outlook for 2026
Bilfinger confirms the updated outlook for 2026 announced on September 16, with revenue of €5.3 to €5.7 billion (PY: €5,427 million), an EBITA margin of 3.2 to 3.6 percent including one-time costs for Program Agile (PY: 5.5 percent) and free cash flow of €180 to €220 million (PY: €330 million). On an adjusted basis, Bilfinger expects an EBITA margin of 4.6 to 5.0 percent. The mid-term targets for 2030 are confirmed, with average annual revenue growth of 8 to 10 percent (including acquisitions), an EBITA margin of 8 to 9 percent and cash conversion of = 90 percent.
Key figures for the Group
Q3 | 9M | FY | ||||||||
[€ million] | 2026 | 2025 | ? in % | 2026 | 2025 | ? in % | 2025 | |||
Orders received | 1,700 | 1,360 | 25% | 4,406 | 4,405 | 0% (org. -4%) | 5,679 | |||
Order backlog | 4,684 | 4,412 | 6% | 4,684 | 4,412 | 6% (org. 0%) | 4,316 | |||
Revenue | 1,364 | 1,384 | -1% | 4,127 | 4,004 | 3% (org. 0%) | 5,427 | |||
Gross margin | 10.0 % | 11.3 % | 10.5 % | 11.3 % | 11.3 % | |||||
EBITDA | 95 | 111 | -15 % | 295 | 304 | -3 % | 422 | |||
EBITA | 63 | 81 | -23 % | 200 | 212 | -6 % | 299 | |||
thereof special items | 0 | -1 | - | -1 | -1 | - | -8 | |||
EBITA margin | 4.6 % | 5.8 % | 4.8 % | 5.3 % | 5.5 % | |||||
Net profit | 43 | 55 | -21 % | 134 | 134 | 0 % | 176 | |||
Earnings per share (in €) | 1.16 | 1.47 | -21 % | 3.62 | 3.59 | 1 % | 4.74 | |||
Operating cash flow | 86 | 80 | 6 % | 182 | 269 | -32 % | 390 | |||
Free cash flow | 76 | 71 | 7 % | 145 | 233 | -38 % | 330 | |||
thereof special items | -3 | -7 | - | -12 | -18 | - | -27 | |||
Gross capital expenditure | 15 | 12 | 20 % | 49 | 41 | 19 % | 72 | |||
Employees | 30,709 | 31,340 | -2 % | 30,709 | 31,340 | -2 % | 31.749 | |||
Bilfinger is an international industrial services provider with a vision to be the No. 1 for its customers in enhancing efficiency and sustainability within the process industry. Bilfinger's comprehensive portfolio spans the entire value chain, from consulting & engineering to prefabrication & installation, access & insulation, and services that improve the asset performance of industrial plants.
The company operates in three geography-based segments: Western Europe, Central Europe, and International, with primary activities in Europe, North America, and the Middle East. Its process industry customers come from markets such as chemicals & petrochemicals, energy, oil & gas, and pharma & biopharma. With about 31,000 employees, Bilfinger upholds the highest standards of safety and quality, generating revenue of €5.4 billion in the financial year 2025. To achieve its goals, Bilfinger has identified two strategic levers: Operational Excellence to continuously improve its own efficiency and performance, and Market Expansion to strengthen customer orientation and establish Bilfinger as the partner of choice.
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